EWV vs. TQQQ
EWV (ProShares UltraShort MSCI Japan) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, EWV returned -19.87%/yr vs 40.86%/yr for TQQQ. Their -0.59 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EWV vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -31.51% return, which is significantly lower than TQQQ's 42.48% return. Over the past 10 years, EWV has underperformed TQQQ with an annualized return of -19.87%, while TQQQ has yielded a comparatively higher 40.86% annualized return.
EWV
- 1D
- -3.83%
- 1M
- -4.44%
- 6M
- -21.69%
- YTD
- -31.51%
- 1Y
- -44.00%
- 3Y*
- -29.54%
- 5Y*
- -18.78%
- 10Y*
- -19.87%
- ALL TIME*
- -18.99%
TQQQ
- 1D
- 10.09%
- 1M
- 2.00%
- 6M
- 43.02%
- YTD
- 42.48%
- 1Y
- 72.20%
- 3Y*
- 55.55%
- 5Y*
- 17.84%
- 10Y*
- 40.86%
- ALL TIME*
- 43.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $4.74B | $4.51B | $5.37B |
EWV vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -31.51% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
TQQQ ProShares UltraPro QQQ | 42.48% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between EWV and TQQQ is -0.64, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.64 |
Correlation (3Y) Balances recent behavior with more history. | -0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.59 |
The correlation between EWV and TQQQ has been stable across timeframes, ranging from -0.64 to -0.59 - a consistent structural relationship.
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Return for Risk
EWV vs. TQQQ — Risk / Return Rank
EWV
TQQQ
EWV vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and ProShares UltraPro QQQ (TQQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EWV | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.22 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.96 | -2.92 |
| Martin ratioReturn relative to average drawdown | -1.53 | 5.43 | -6.97 |
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Drawdowns
EWV vs. TQQQ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for EWV and TQQQ.
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Drawdown Indicators
| EWV | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -81.66% | -17.54% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -36.97% | -9.24% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -58.04% | -13.15% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -81.66% | +2.15% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -81.66% | -7.79% |
Current DrawdownCurrent decline from peak | -99.18% | -14.02% | -85.16% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -18.49% | -65.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 13.34% | +15.38% |
Volatility
EWV vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.68%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 22.54%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 22.54% | -6.86% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 48.77% | -11.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 58.29% | -15.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 68.25% | -30.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 66.68% | -31.34% |
EWV vs. TQQQ - Expense Ratio Comparison
Both EWV and TQQQ have an expense ratio of 0.95%.
Dividends
EWV vs. TQQQ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, more than TQQQ's 0.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.28% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.50% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
EWV and TQQQ have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (22.54%) compared to EWV (15.68%). In terms of maximum drawdown, EWV dropped -99.20% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 40.86% vs -19.87% for EWV. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 15.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 40.86% return vs -19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV and TQQQ have the same expense ratio: 0.95% per year.
EWV has the higher dividend yield at 5.28%, compared with 0.50% for TQQQ.
EWV is categorized as Japan Equities, while TQQQ is Leveraged Equities. EWV tracks MSCI Japan Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.25 vs -1.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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